(Source: Business Wire)
Recon Technology, Ltd. (Nasdaq: RCON), a leading Chinese non-state-owned oil and gas automation services provider, announced today that it has received approximately $971,000 in new equipment orders from China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec).
Recon received an RMB 2,980,000 (approximately $436,000 USD) order from the CNPC Tuha Oilfield in China's Xinjiang Uygur Autonomous Region. Crude petroleum from this area contains impurities including water and natural gas that must be removed before the petroleum can be sold. The order includes four of Recon's patented oil field furnaces that remove these impurities and prevent solidification and blockages in oil pipelines. Recon's highly automated furnaces operate with 90% heating efficiency, which was an important element in securing the purchase order.
Recon also received an RMB 3,654,042 (approximately $535,000 USD) order from the Sinopec Sebei Natural Gas Field in China's Qinghai Province. This included 167 electrical ball valves and electrical turbine ball valves used for natural gas pipes.The company secured this order based on the superior quality of Recon's ball valve products that enable better pipe sealing and increased efficiency for oil producers.
Recon Technology CEO Shenping Yin said, "These two orders from top Chinese oil companies underscore the demand for Recon Technology's products. We're pleased that leading Chinese oil and gas companies continue to turn to Recon for products they need that will increase efficiency and profitability."
About China National Petroleum Corporation (CNPC)
CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, CNPC is an integrated international energy company, with businesses covering oil and gas operations, technical services, engineering and construction, equipment manufacturing, financial services and renewable energy development. The company is listed on The Stock Exchange of Hong Kong (SEHK) under code "0135". For additional information about CNPC, please visit the company's website at http://www.cnpc.com.cn/en/.
About Sinopec Corp.
Sinopec Corp. is the first Chinese company that has been listed in Shanghai, Hong Kong, London and New York (CH: 600028; HKEX: 386; LSE: SNP; NYSE: SNP). The company is an integrated energy and chemical company with upstream, midstream and downstream operations. Based on 2007 turnover, Sinopec Corp. is the largest listed company in China.
